Binance, the world’s largest crypto exchange by transaction volume, has joined the Chamber of Digital Commerce, which is expected to boost its lobbying power over new crypto regulations.
per blog Post As published by Binance on Tuesday, the move to join the chamber is part of an effort to “advance the blockchain industry alongside other industry players.”
Binance said it hopes to do the work through initiatives related to education, advocacy and “close collaboration with policy makers, regulatory agencies and industry.” It added that these initiatives aim to establish a “pro-growth legal and regulatory environment” for crypto.
“As an organization at the core of the industry’s rapid growth and complex regulatory environment, it is imperative for Binance to work with policy makers, regulatory bodies and industry groups such as the Chamber,” said Joanne Kubba, the company’s VP of Public Affairs commented. Post.
He added that the chamber has “established itself as a leading voice in disruptive technology policy.”
“We look forward to working with the Chamber and finding solutions together for the long term as we usher in a new era of Web3 and the global economy,” said Kubba.
The Chamber of Digital Commerce works on topics important to the crypto industry, including tax, Anti-Money Laundering (AML)/Know Your Customer (KYC), and securities regulations.
In 2022, the chamber made financial contributions to three congressional candidates in the US: North Carolina Republican Representative Patrick McHenry, Arizona Republican Senate candidate Blake Masters and Oregon Democratic Senator Ron Wyden.
The chamber is headed by Perian Boring, who has appeared on TV on several occasions advocating for the crypto industry.
This is not the first consortium to join Binance
Binance has joined several national industry associations in the past, including the UK self-regulatory trade association CryptoUK and the Internet and Mobile Association of India.
Binance’s American franchise, Binance.US, has also been a member of the Blockchain Association, but decided to leave the organization in April this year and instead set up its own government affairs team in Washington DC.
important step for the industry
Binance’s decision now to join a major advocacy group with a strong presence in the US is significant given the decline and possible regulatory action it may see. ftx Collapse.
As has been widely reported in the past, FTX was a very active player on the regulatory scene and former CEO Sam Bankman-Fried (SBF) was often seen in Washington DC lobbying for his company and industry. SBF has mocked the Binance CEO before changpeng zhao (CZ) Not to do that.
In the absence of FTX and its former CEO, it appears that Binance is getting ready to at least do some of the lobbying that FTX was doing – hopefully for the betterment of the industry as a whole.
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